Except, despite what Taylor has claimed, investors are actually calling on governments to put in place policies that will support a transition away from fossil fuels, including the reintroduction of a carbon price, a phase-out of fossil fuel subsidies and an end to thermal coal.
A collection of 477 global investors have issued a joint statement ahead of a meeting of G20 leaders in Osaka, calling on governments to do more to tackle climate change and plan for a world without coal.
Specifically, investors have called on governments to “put a meaningful price on carbon” and to “phase out thermal coal power worldwide by set deadlines.”
The group of investors, that manage a combined $US34 trillion in investment assets, with signatories to the statement including Australian investment managers, including Australian Super, Cbus, Hesta, First State Super, IFM Investors and BT Financial Group.
During his tenure as federal energy minister, Angus Taylor has overseen a period of increasing greenhouse gas emissions in Australia and has raised fears among members of the COAG energy council that he has no plans for reducing emissions in the electricity sector and may disengage with the council altogether on the issue of emissions policy.